Due to the popularity of our Two Year 85% LTV mortgage products, we have now fully utilised the tranches and to that end, we will be withdrawing them from close of business today.
For clarity, the rates are as follows:
2.95% Fixed Rate until 31.01.2023
3.14% Fixed Rate until 31.01.2023
Any existing illustrations on these products and subject to tranche will be honoured until close of business Monday 23rd November 2020.
Please note that the five-year 85% LTV products will continue to remain in the range and replacement two year products will be launching early December.
Reduction of Residential Standard Variable Rate
Newcastle Intermediaries will be reducing its’ Standard Variable Rate (SVR) with effect from 1st December 2020.
The SVR will reduce to 3.96%, a reduction of 2.03% on the previous rate and will support your clients who currently have an SVR linked product with us.
In addition, we are also removing the reversionary rate on both our current and future short-term products– currently 1.50% Discount from SVR – and those products will revert to SVR at maturity going forward. The revised products will be launching on Tuesday 1st December 2020 to coincide with the SVR reduction.
Intermediary sourcing systems will be updated in the next few days to reflect these changes and the existing products will be removed from close of business Monday 30th November. Any existing illustrations will of course be honoured until Wednesday 2nd December 2020.
Launch of Residential Mortgage Products
Newcastle Intermediaries will be refreshing its 80% LTV mortgage portfolio and will be including some competitive discounted variable rate products to the range, with rates starting as low as 1.79%.
These mortgage products will launch with effect from Tuesday 1st December 2020 and will include the following highlights;
- Competitive two year discounted rates with rates as low as 1.79% providing increase choice to your clients;
- Competitive two and five Year fixed rate products with rates as low as 1.89%;
- Free standard valuation and £500 Cashback available on selected products;
- Available up to 80% LTV and on loans up to £1m;
- Available for both house purchase and re-mortgage;
- 10% overpayments per annum which supports your clients who require the flexibility to make lump sum overpayments. This is in addition to a regular monthly overpayment allowance of £499;
The existing 80% LTV mortgage portfolio will therefore be withdrawn from close of business Monday 30th November however any existing illustrations will of course be honoured until close of play Wednesday 2nd December.
Full product details will be found on http://www.newcastleis.co.uk/products.aspx upon launch